Lowe's Reconfirms Q4, Fiscal Year Guidance Jan 3, 2003

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Lowe's Companies, Inc., said to be the world's second largest home improvement retailer, on Thursday reconfirmed sales and earnings expectations for the fiscal fourth quarter and year.

"Quarter-to-date comparable store sales are within our previous guidance of 2-4 percent," stated Robert A. Niblock, Lowe's executive vice president and CFO. "Based on these trends, we remain comfortable with our previous guidance of 16 to 17 percent sales growth, including a 2 to 4 percent increase in comparable store sales, and diluted earnings of $0.33 per share for the fourth quarter. For the year, Lowe's expects total sales to increase by approximately 20 percent and diluted earnings per share of $1.78 which represents an increase of 37 percent over fiscal 2001."

Lowe's fiscal fourth quarter ends on Jan. 31, 2003, and operating results will be publicly released on Monday, Feb. 24, 2003 at which time fourth quarter and fiscal year 2002 results will be reviewed in detail.

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